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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Apply statistical methods to work
   • Evaluate and select appropriate statistical methods that apply to financial services work to suit required work outcome
   • Understand and effectively use suitable tools and techniques for statistical analysis
2. Source and interpret statistical data
   • Identify and access internal and external data and information sources to gather relevant current data
   • Validate data in accordance with industry statistical standards
   • Use data summaries and trends to verify currency and utility
   • Interpret correctly and use sampling techniques and diagrammatic, graphical and tabular information for required purpose
3. Analyse data using appropriate techniques and tools
   • Reflect organisational requirements and priorities in analysis of statistical data
   • Use analysis and descriptive tools and techniques to meet required outcomes and correct any data errors
   • Produce on time reports of analysis in appropriate detail and format, including use of diagrammatic, graphical and tabular information
4. Record statistical data analysis results and records
   • Validate records of data and statistical analysis to ensure accuracy and consistency with industry and organisational standards
   • File and store records for easy retrieval while meeting all security requirements

Performance Evidence

Evidence of the ability to:

apply statistical methods to work in the financial services industry

source and access statistical and other data, and produce and interpret statistics

use financial data tools and calculations to produce accurate and informative statistical reports from data

efficiently record and store data for retrieval.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

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Knowledge Evidence

To complete the unit requirements safely and effectively, the individual must:

explain and apply mathematical principles and statistical methods

describe the range of statistical ratios and analysis tools relevant to the financial services industry

outline sources of relevant information available to the financial services industry, and their relevance

recognise and explain types of graphs, charts, diagrams and tables used in statistical modelling and reporting

explain the principles of statistical standards and sampling techniques that are used to gather valid data.

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